Partnership Vehicles as Assets
Partners each own their trucks separately but use them in business. Are these trucks allowed as assets on 1065 return (as well as vehicle expenses)?
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cmG8Y4BzOr3PKzacfA8pyY
07/10/09 2:45pm PDT
Viewed by asker 07/14/09 4:08pm PDT
Viewed by asker 07/14/09 4:08pm PDT
3 Replies
PhoebeRoberts
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07/10/09 3:17pm PDT
Best Answer - Chosen by the Community
Things not owned by the partnership are not assets of the partnership.
The partners should be turning in expense reports and requesting reimbursement. If the partnership agreement requires business use of personal vehicle, and prohibits reimbursement, the partners take their own deductions on SchEp2.
If I wanted phone calls, my phone number would be in my profile. If you have a question, post it in the applicable forum.
peterhawaii
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07/10/09 3:23pm PDT
http://turbotax.intuit.com/tax-tools/tax-tips/small-business/5887.html
The above has some ideas on this for partnerships and others involving automobile expenses.
07/10/09 6:15pm PDT
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PhoebeRoberts - thank you for your clear and concise response. PeterHawaii --- as always I am truly appreciative of your assistance time and time again. Mahalo & Aloha!
